D. SANTOS: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
D. SANTOS
Largest movements
- Receivables within one year -€49,843
down €49,843 (-15.9%), from €313,765 to €263,922
of which Trade receivables: -€97,272
- Cash -€9,022
down €9,022 (-81.3%), from €11,098 to €2,076
mainly Trade debts (-€89,663) and Contributions, distributions and other (-€50,000)
- Deferred charges and accrued income -€5,226
down €5,226 (-96.2%), from €5,432 to €206
- Trade debts -€89,663
down €89,663 (-47.5%), from €188,844 to €99,181
- Other debts +€50,000
new in 2025: €50,000
- Debts after one year -€9,595
down €9,595 (-46.4%), from €20,677 to €11,081
- Tax, wage and social debts -€6,674
down €6,674 (-15.3%), from €43,641 to €36,967
- Profit (loss) carried forward -€4,999
down €4,999 (-4.4%), from €114,183 to €109,183
- Turnover -€500,790
no longer reported in 2025 (was €500,790)
- Purchases and services -€250,244
no longer reported in 2025 (was €250,244)
- Staff costs +€45,646
up €45,646 (+39.6%), from €115,296 to €160,943
- Taxes -€19,256
down €19,256 (-71.8%), from €26,815 to €7,559
- Financial charges -€10,629
down €10,629 (-87.0%), from €12,219 to €1,590
of which Non-recurring financial charges: -€10,835
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €396,210 | €335,748 | -€60,461 | -15.3% |
| Fixed assets | 21/28 | €65,914 | €69,544 | +€3,630 | +5.5% |
| Tangible fixed assets | 22/27 | €63,514 | €67,144 | +€3,630 | +5.7% |
| Plant, machinery and equipment | 23 | €36,227 | €26,513 | -€9,714 | -26.8% |
| Furniture and vehicles | 24 | €9,737 | €33,984 | +€24,247 | +249% |
| Leasing and similar rights | 25 | €17,550 | €6,647 | -€10,903 | -62.1% |
| Financial fixed assets | 28 | €2,400 | €2,400 | = | 0.0% |
| Current assets | 29/58 | €330,296 | €266,204 | -€64,091 | -19.4% |
| Amounts receivable within one year | 40/41 | €313,765 | €263,922 | -€49,843 | -15.9% |
| Trade receivables | 40 | €185,786 | €88,514 | -€97,272 | -52.4% |
| Other amounts receivable | 41 | €127,979 | €175,408 | +€47,429 | +37.1% |
| Cash at bank and in hand | 54/58 | €11,098 | €2,076 | -€9,022 | -81.3% |
| Deferred charges and accrued income | 490/1 | €5,432 | €206 | -€5,226 | -96.2% |
| Total equity and liabilities | 10/49 | €396,210 | €335,748 | -€60,461 | -15.3% |
| Equity | 10/15 | €134,643 | €129,643 | -€4,999 | -3.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €114,183 | €109,183 | -€4,999 | -4.4% |
| Amounts payable | 17/49 | €261,567 | €206,105 | -€55,462 | -21.2% |
| Amounts payable after more than one year | 17 | €20,677 | €11,081 | -€9,595 | -46.4% |
| Financial debts | 170/4 | €20,677 | €11,081 | -€9,595 | -46.4% |
| Amounts payable within one year | 42/48 | €240,890 | €195,023 | -€45,867 | -19.0% |
| Current portion of amounts payable after more than one year | 42 | €8,406 | €8,875 | +€469 | +5.6% |
| Trade debts | 44 | €188,844 | €99,181 | -€89,663 | -47.5% |
| Suppliers | 440/4 | €188,844 | €99,181 | -€89,663 | -47.5% |
| Taxes, remuneration and social security | 45 | €43,641 | €36,967 | -€6,674 | -15.3% |
| Taxes | 450/3 | €43,641 | €36,967 | -€6,674 | -15.3% |
| Other amounts payable | 47/48 | - | €50,000 | +€50,000 | |
| Turnover | 70 | €500,790 | - | -€500,790 | |
| Goods, raw materials, services and sundry goods | 60/61 | €250,244 | - | -€250,244 | |
| Remuneration, social security and pensions | 62 | €115,296 | €160,943 | +€45,646 | +39.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,052 | €27,564 | +€7,512 | +37.5% |
| Other operating charges | 640/8 | €3,170 | €4,705 | +€1,535 | +48.4% |
| Non-recurring operating charges | 66A | €4,164 | - | -€4,164 | |
| Gross operating margin | 9900 | €250,546 | €245,302 | -€5,243 | -2.1% |
| Operating profit (loss) | 9901 | €107,863 | €52,091 | -€55,772 | -51.7% |
| Financial income | 75/76B | €5,270 | €2,059 | -€3,210 | -60.9% |
| Recurring financial income | 75 | €5,270 | €2,059 | -€3,210 | -60.9% |
| Non-recurring financial income | 76B | - | €2,059 | +€2,059 | |
| Financial charges | 65/66B | €12,219 | €1,590 | -€10,629 | -87.0% |
| Recurring financial charges | 65 | €1,385 | €1,590 | +€206 | +14.9% |
| Non-recurring financial charges | 66B | €10,835 | - | -€10,835 | |
| Profit (loss) for the period before taxes | 9903 | €100,914 | €52,560 | -€48,354 | -47.9% |
| Income taxes | 67/77 | €26,815 | €7,559 | -€19,256 | -71.8% |
| Profit (loss) for the period | 9904 | €74,099 | €45,001 | -€29,098 | -39.3% |
| Profit (loss) for the period to be appropriated | 9905 | €74,099 | €45,001 | -€29,098 | -39.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.